This essay presents a measure-theoretic version of the random utility model with no substantive restrictions upon the choice space. The analysis is based upon DeFinetti's Coherency Axiom, which characterizes a set function as a finitely additive probability measure. The central result is the equivalence of the random utility maximization hypothesis and the coherency of the choice probabilities over all allowable constraint sets.
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Article provided by Springer in its journal Economic Theory.
Volume (Year): 7 (1996) Issue (Month): 1 (January) Pages: 179-89 Download reference. The following formats are available: HTML
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